- Morocco is set to launch a 100% Made in Morocco car brand. The cost of the car to be available on the local market is about $15,000.
Trade and Industry Minister, Ryad Mezzour has announced that Morocco is set to launch a 100% Made in Morocco car brand. The cost of the car to be available on the local market is about MAD 170,000 ($15,000).
Morocco has emerged as the largest exporter of passenger vehicles to Europe. According to the Minister, the country’s vehicle exports to Europe far exceeded those to China, Japan, South Korea, and the United States. Now, Morocco’s car industry is poised to increase its share of the domestic market, with the launch of a budget-friendly car under the label “Neo.”
Morocco’s car exports to Europe, he said has been unaffected by the drop in demand due to the slowdown of the European economy. Though demand in the European car market dropped by 26% in 2022, sales of vehicles made in Morocco surged by 50%. However, the country faces a set of challenges. The EU, the largest market for Morocco’s cars, is set to ban imports of vehicles with combustible engines by 2035 which means Morocco needs to transition to electric car manufacturing. To gear up for the changing demand, the Moroccan car industry as per reports is well on its way to doubling its production input of electric cars over the coming two years, with a production target of 100,000 units annually.
Also read;
https://trendsnafrica.com/dit-launches-uk-export-finance-programme-in-morocco/
https://trendsnafrica.com/egyptian-investors-keen-to-expand-to-morocco/
Morocco’s flourishing automotive industry is supported by a strong skilled workforce of up to 10,000 car design engineers working for world-class brands from German, Britain, France, and North America.
